GMX Resources Inc. (GMXR) announced that it had received tenders from the holders of approximately $24.9 million in aggregate principal amount, or approximately 47.9%, of its outstanding 5.00% senior convertible notes due 2013 and approximately $38.0 million in aggregate principal amount, or approximately 44.0%, of its outstanding 4.50% senior convertible notes due 2015 in connection with its previously announced exchange offers for the convertible notes.
Holders tendering 2013 notes will receive new senior secured second-priority notes due 2018 and shares of the company's common stock. Holders tendering 2015 notes will receive new notes.
Pursuant to the terms of the exchange offer for the 2013 notes, the company will accept tenders for all of such notes and issue in exchange an aggregate of approximately $24.9 million principal amount of new notes and 7,176,384 shares of the company's common stock.
In addition, pursuant to the terms of the exchange offer for the 2015 notes, the company will accept tenders for all 2015 notes tendered and issue in exchange an aggregate of approximately $26.6 million principal amount of new notes.
The settlement date of the exchange offers is expected to be Sept. 19, 2012.
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